That valve is most likely the BMW special wamadine PCV valve (not its real name of course). This valve has a history of this type of failure in extreme cold temperatures on M54 engines. They even have an upgraded 'cold weather option' upgraded valve....

Do a search, especially on the E46 chassis and you will see.

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Yeah, that's what the issue was. $1949 later I am on my way to pick it back up...